For younger first-time buyers, the small military city of Killeen, Texas, is considered the best place to buy a home.
Additionally, the median price of homes for most of the top 15 markets is about four times the median income of its residents. That's considerably less of a financial burden compared with expensive real estate markets like Los Angeles, where homes cost about 10 times the median income.
There's also less competition for homes in these markets, which favor new homebuyers who can't afford to get into bidding wars. Listings in the top 15 cities are on the market for an average of 20 days — nearly double the average of all metro areas in the study. Despite the lack of competition for homes, these cities are still expected to grow by an average of 7.2% by July 2024. The national average is 5.4% for all markets in the study,These top 15 cities also contain a relatively high concentration of residents ages 25 to 39, the most common ages for first-time buyers. The study assumes that most first-time homebuyers in this age bracket would prefer to live among their peers.
Notably, the best cities for first-time buyers tend to be smaller cities with populations close to 100,000. That makes sense, as housing costs and living expenses are typically
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